| When it comes to buying a home, there are | | | | ensure that you will have a steady job in the |
| many different types of home loans that are | | | | future. |
| available. One of these loans is called a stated | | | | Another thing that many lenders do is take |
| income home loan. Stated income loans are very | | | | industry averages for your job position. This |
| useful for people who have a hard time proving | | | | means that if you are to state your income much |
| their income. This loan simple allows you to state | | | | higher than it is, the lenders will know what level |
| your income in your loan application. It may sound | | | | your income should be. These loans are |
| too good to be true, but these loans are still | | | | sometimes known as "liars loans" because some |
| offered by some lenders. | | | | people tend to overstate the value of their loans. |
| Stated income home loans are very common | | | | Lenders are looking for people to be honest in |
| loans for people who don't like the hassle of | | | | their income assessment. |
| dealing with lots of paperwork. Although you don't | | | | People who are interested in getting a stated |
| have to prove your income, you still have to | | | | income home mortgage loan should go online. Do |
| prove your employment. Obviously a lender would | | | | a comprehensive search online and find the best |
| not give a stated income home loan to someone | | | | stated loan for you. Make sure you get a lender |
| who doesn't have a job. Lenders want to see a | | | | who offers competitive interest rates for the |
| long and consistent employment record. This will | | | | loans. |